5G symbolizes ‘everything connected.’ This technology skyrockets global growth with trillions of dollars in revenue and millions of new jobs. With digitization becoming the new and urgent need of the global community, the implications of 5G as a technology are much more than just a giant global network with godspeed data and connectivity.
Gigabit rates, ultra-low latency, high availability, and IoT through smart connectivity - 5G vends a mighty promise. The technology opens up a colossal revenue prospect if telecommunications providers (or telcos) focus on offering superior customer experiences through monetization. Powered by a massive proliferation of connected devices, a future built around rapid automation and Augmented Reality (AR) is not far away.
If implemented wisely, 5G’s advanced network-slicing technology enables extensive mobility with speed tiers pricing uniquely as per customers’ needs. This enables telcos a unique way to deliver tailor-made customer experiences by developing offers that support impulse purchases for network performance upgrades.
For example, network slicing in 5G encourages customers to upgrade their network speed to stream a high-quality video by paying a dollar or two, which the 4G technology could not offer.
This differentiation of 5G allows telecom businesses to monetize 5G business class plans to provide unlimited premium network performance that can offer better speed, low latency, higher stability, and enhanced network access.
A survey from a couple of years back conducted by Qualcomm suggests that 5G’s global economic effect will likely be realized by 2035, with a wide range of industries producing goods and services worth $13.1 trillion.
Today’s customers are no longer tethered to a TV screen but are live-streaming video content, advancing the scope of partnerships between telecommunication businesses and content providers. According to a McKinsey survey, nearly three-quarters of the potential customers would prefer buying a 5G connection directly from a video streaming or game streaming app rather than their mobile provider - a clear indicator of the revenue opportunity 5G can bring. However, telcos need to figure out a strategy to build long-term partnerships with streaming providers and devise innovative pricing options to tap into new customer segments across the globe.
To educate customers about the available pricing options to upgrade their network performance, telcos need richer insights into customer behavioral patterns. Customer intel of this kind is especially important for telcos to segment their customer base and develop analytics-driven value management strategies. Evergent’s subscriber intelligence offers real-time data patterns for an enhanced business decision-making process.
Greater adoption of 5G is possible with upgraded graphics and processing capabilities, enabled by strategic partnerships with video streaming platforms and content development businesses. Longer-term partnerships also need a pricing strategy to determine if their customers need to be directly billed for 5G connectivity or offered bundled pricing for 5G along with the content based on their global customer data. Telecommunication businesses must put a crucial effort into providing a superior user experience powered by strategic partnerships. The Evergent Revenue & Royalty Management (ERRM) platform and its partner-centric capabilities elevate your partner network with customizable setups and automated workflows.
Book a call with our team of experts to learn more about how the Evergent Revenue & Royalty Management product can supercharge your partner ecosystem and the Evergent Monetization Platform can help accelerate your 5G business ideas with hyperautomation.